Cary Park District refinances bonds

Published: Friday, Aug. 23, 2013 11:47 p.m. CDT

CARY – The Cary Park District on Thursday refinanced up to $8 million worth of bond issues in a move the district estimates will save $500,000.

Executive Director Dan Jones said the district has three debt issues out. One was used for the acquisition of Cary-Grove Park, one for the phase one development of Cary-Grove Park and one for the purchase of Foxford Hills Golf Club.

Payments of the bonds will remain on schedule and not expire later than originally planned, Jones said.

The bond to pay off the Cary-Grove Park purchase is set to mature in 2019. The bond for the development of the park is scheduled to mature at the end of 2022. The bond for the purchase of Foxford Hills is set to mature in 2021.

“We’re trying to take advantage of the current market conditions,” Jones said.

The amount approved is for up to $8 million, as the final interest rate has yet to be determined, Jones said.

“It’s not going to affect us in a negative way,” Jones added. “The purpose is to save money over the course of time.”

Consolidating the debt and having a lower interest rate is expected to save the district $500,000 over the life of the bonds.

“It’s something that makes fiscal sense,” Jones said.

In other action, work on the Briargate Road and community center parking lot replacement is set to begin.

The park district approved awarding the contract for the project to Landmark Contractors for $300,047. The village will pay $100,891 of the construction costs, in what Jones called a good intergovernmental project.

Engineers estimated construction would cost $345,544.

Work is scheduled to begin just after Labor Day and last five to six weeks, Jones said.

The project will include reconstructing the parking lot and putting in a median between the parking lot and Briargate Road, Jones said. The number of parking spaces also will increase to 72 striped paved spaces from 62.

Reconstruction of Briargate Road will go from Tiger Trail to the southern limits, the portion of the road in front of the park district’s community building, Jones said.

The project “is going to improve the safety in terms of pedestrian access to this building,” Jones said.

Park district officials held off on the project until after Labor Day so it wouldn’t affect the parking lot during the summer pool season.